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Videocon Industries is on the verge of bankruptcy with a credit burden of Rs. 39,000 crores. The company has made serious allegations against PM Narendra Modi. The company is saying that Modi, Supreme Court, Brazil government are the reason for Videocon's doom. The company says the losses, credit burden is because of them. Though their argument appears to be odd, they are saying that their argument has the truth.
Videocon was one of the top players in the consumer appliances in the market. It has been dragged into National Company Law Tribunal by the bank's consortium headed by SBI. As per the bankruptcy process, they have started looking for the bidders who will buy the Videocon industries in 180 days. But Videocon owners are fighting to hold their ownership over the company as per the stock market sources. The value of Videocon shares has been slid by 96% in the last five years.
Videocon group is saying that the demonetisation announcement of Narendra Modi on November 8, 2016, Supreme court canceling the 122 licenses in the 2G spectrum, Brazil government imposing a ban on the oil and natural gas businesses have impacted their business. Because of the demonetisation, their CRT television manufacturing ran into difficulties because of the raw material import stopped. They had to move out of telecom because Supreme Court canceled licenses.